Bank One lobbying draws flak

The chairman of the Illinois Senate Committee on Financial Institutions says he opposes Chicago-based Bank One Corp.'s latest proposal to amend state banking law.

Sen. Patrick O'Malley, R-Palos Park, says the measure, which would exempt the bank from certain limits on fees and interest on home-equity loans, is "not good public policy" because it would apply only to one institution.

Bank One says the measure, which is similar to a bill that failed to pass last year, will not hurt consumers and will allow it to consolidate its state charters throughout the country in Illinois.

A committee vote on the bill is tentatively set for Thursday.

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